Crown Holdings first-quarter profit rises on can volume

SAN FRANCISCO (MarketWatch) -- Packaging products maker Crown Holdings Inc.
CCK, +1.07%
said late Wednesday its first-quarter profit rose to $27 million, or 17 cents a share, from $18 million, or 11 cents a share, a year ago on higher beverage can volumes. Revenue rose to $1.86 billion from $1.71 billion in the year-ago period. Analysts surveyed by FactSet Research estimated a quarterly profit of 14 cents a share on revenue of $1.77 billion. "The first quarter results reflect global growth in beverage can volumes with particular benefit from a full quarter of operations by our new beverage can line in Ho Chi Minh City, Vietnam, our new beverage can plant in Phnom Penh, Cambodia, and increased capacity utilization in the Middle East," said John Conway, chairman and chief executive, in a statement.

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